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The state-owned miner had said last month that it planned to exercise an option to acquire 49 per cent of Anglo American Sur for $6.57 billionIvan Alvarado/Reuters

Business Staff

Published at 12:00AM, November 16 2011

Anglo American has been ordered to stop selling any further stakes in its
Chilean copper mining subsidiary after a court backed an appeal by the
country’s national mining company.

An appeals court in Santiago granted an injunction to the state-controlled
Codelco, which had filed a claim that it has the right of first refusal on
any shares in Anglo American Sur that Anglo wants to sell.

Codelco’s action follows the announcement last week by London-listed Anglo
that it had sold a 24.5 per cent stake in its southern Chilean subsidiary to
Mitsubishi, of Japan, for $5.4 billion (£3.4 billion).